Doha: Oil prices rose by more than 7 percent on Monday after having fallen by more than 9 percent last Friday, as the Strait of Hormuz was closed again: Oil prices experienced a significant increase, climbing by over 7 percent on Monday. This rise comes after a notable decline of more than 9 percent the previous Friday. The fluctuations in oil prices were attributed to the closure of the Strait of Hormuz once more.

According to Qatar News Agency, Brent crude futures saw a rise of $6.56 per barrel, or 7.26 percent, reaching a price of $96.94 per barrel. US West Texas Intermediate crude also experienced an increase, reaching $89.92 per barrel, up by $6.07, or 7.24 percent. These movements in oil prices reflect the market's response to the ongoing situation in the Strait of Hormuz.